Sinopec building SE Asia’s largest oil storage terminal


Hong Kong: Sinopec, Asia’s largest refiner, is building what will become the biggest oil storage terminal in southeast Asia. Spread across 360 hectares in the Batam free trade zone in Indonesia near Singapore the initial costs for the facility is expected to be around $850m.
Sinopec Kantons Holdings, a unit of the Sinopec Group, will hold a stake of 95 percent in the PT West Point Terminal project covering the construction of storage for up to 16 million barrels of crude and refined fuels, the company told the Hong Kong Exchange in a filing on Tuesday.  [10/10/12]

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